What is the definition of Personal Property?

Personal property refers to movable items that are not permanently affixed to a structure or land. This definition encompasses a wide range of assets that individuals and businesses can own, such as furniture, vehicles, equipment, jewelry, and other tangible items that can be relocated. The key aspect of personal property is its mobility and the fact that it is distinct from real property, which includes immovable assets like land and buildings.

The description of personal property as "movable items often not recoverable" is accurate in the sense that personal property can sometimes lose value or may be difficult to reclaim if lost or damaged, particularly in the context of certain types of insurance or legal disputes. This distinction highlights the characteristics of personal property compared to real property, which is more durable and tied to a specific location.

In contrast, real estate held in trust refers specifically to real property managed by a trustee for the benefit of another party. Fixed assets like land and buildings are considered real property rather than personal property. Property tied to a location specifically denotes real estate, reinforcing the contrast with movable personal property.